Saudi energy minister calls on OPEC+ flexibility as it weighs oil cut extension Saudi energy minister calls on OPEC+ flexibility as it weighs oil cut extension Prince Abdulaziz bin Salman was addressing a meeting of OPEC+ countries. (AFP/File) Short Url Saudi energy minister calls on OPEC+ flexibility as it weighs oil cut extension OPEC+ is considering delaying its plans to increase oil output in January Updated 17 November 2020 Follow @arabnews DUBAI/LONDON: Saudi Arabia called on fellow OPEC+ members on Tuesday to be flexible in responding to oil market needs as it builds the case for a tighter oil production policy in 2021 to tackle weaker demand amid a new wave of the coronavirus pandemic. OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and others, is considering delaying a plan to boost output by 2 million barrels per day (bpd), or 2% of global demand, in January to support the market. "We as a group do not want to give the markets any excuse to react negatively," Saudi Energy Minister Prince Abdulaziz bin Salman said at the start of a virtual meeting of an OPEC+ panel, the Joint Ministerial Monitoring Committee (JMMC). "The markets will not be kind to those who do not stick to agreements. This is...read more...
SectorOil & Gas